A Buyer’s Guide To Real Estate

Investing in real estate has proven to be a smart move over the years, and 2024 is no different. If you are considering buying a new home, there’s no time like the present! Investing in real estate can be a great way to create stability, build wealth, and secure your financial future.

Before diving into the home-buying process, it’s best to consider big things like your financial situation, timing (is it the busy season?) location, etc. Of course, you also want to research local market trends and compare prices so you aren’t going in blind. A REALTOR^® can help you do this! Hiring a real estate professional also means having someone to help guide you through the entire buying process. We understand the complexities of the real estate market, and we are here to provide expert insight and support! (In fact, it’s kind of our specialty.)

Here are a few of our favorite tricks of the trade when it comes to buying real estate:

Pay Attention to Interest Rates

Mortgage rates have been fluctuating this year, so locking in a rate now could save you money in the long run. It’s also a good idea to shop around when it comes to a lender. While many buyers stick with their first mortgage offer, comparing lenders can potentially result in better terms and savings over the life of the loan.

When it comes to looking serious to sellers, getting pre-approved is the way to go. Not only will it give you an idea of what homes you can afford, it will help when it comes to negotiating.

Research Local Market Trends

Real estate market trends can vary greatly by location. Real estate in Lake Eufaula is the largest in the state for lake homes and lots, which is no surprise. This year, homes have been staying on the market longer which is great news if you are a buyer! This gives you more negotiating power with less competition and the potential for more inventory.

Consider Future Resale Value

When looking for your new home, don’t only think about what fits your needs for the time being. Look into selling points that will appeal to future buyers if and when you decide to sell. Consider things like school districts, neighborhood amenities, and in the case of the Eufaula area, proximity to the lake and other features that appeal to people looking to move here. These features are what can turn your home into an investment with better returns later.

Don’t Skip the Inspection

In a high-pressure negotiation, you may be tempted to skip the inspection. Going this route is not only a bad idea because inspections help to catch existing or potential problems with the home, but they can also be a useful negotiating tactic. Sellers can be asked to cover the cost of any needed repairs, which means you save money in the long run.

Budget for More Than Just the Purchase Price

Aside from the price of the property, various expenses come with purchasing a new home. Some expenses fall squarely upon the seller, some expenses are split, and some will fall solely on the buyer. These additional expenses include a down payment, loan origination fee, mortgage insurance, appraisal, survey and title search, inspection, earnest money, transfer taxes, deed and mortgage recording fees, escrow, and title insurance. When you are looking at the price range, be sure you are looking at the whole picture!

Be Ready for the Emotional Roller Coaster

Searching for your home can be a fun and exciting process, but it can also be stressful. Sometimes the search takes longer than expected, the market has limited inventory, or the homes that catch your eye are quickly swept off the market. The process comes with its obstacles and hurdles, and with that comes a wide range of feelings. It’s important not to become overwhelmed and to pace yourself so you aren’t burned out.

When you work with a REALTOR^®, you have an expert to help take some of the load off. Whether it’s helping find your dream home, getting in that timely offer, negotiating and helping with the inspection process, or ensuring a smooth closing, you have someone in your corner.

Stay Patient

As we just mentioned, the home-buying process comes with a mix of emotions. It’s best to be patient, as rushing the process can cause mistakes (and let’s face it, a house is not something you want to impulse buy.) Patience can lead to better decisions and possibly even better deals.

Hire a REALTOR^®

As REALTORs^®, we aren’t just there to show you around beautiful homes and host open houses. We help guide you through the complex terrain of contracts, negotiations, and legalities. We understand the market and leverage that understanding to help when it comes to negotiations.

The negotiation tactics of REALTORs^® go beyond just haggling over the price. We can also negotiate things like conditions, dates, and repairs. As skilled negotiators, we can help secure a unanimous agreement between both parties, coming to an agreement that satisfies everyone!

Are You Ready To Buy?

If you are looking to buy in the Lake Eufaula area, don’t go at it alone. Trust us to help walk you through the buying process to help find your dream home.